Last blog added on Tuesday, January 24th, 2023

Information About MacDonald’s Tax Blog

Recent Posts

Below is a preview of the five most recent posts from the blog MacDonald’s Tax Blog. To read these posts in their entirely or subscribe to future updates from this blog, please visit their website!

  • What is a Net Worth Assessment ?

    The Canada Revenue Agency (“CRA”) has many tools available to it for assessing taxpayers with what the CRA believes is unreported income. One of those is the Net Worth Assessment after it has conducted a Net Worth Audit. In a nutshell, a Net Worth Assessment is where a CRA auditor compares the taxpa … Read more »

  • Court Says Taxpayers Should Not be Denied Disability Tax Credit Just Because They Don’t Check All of the Boxes on Prescribed Form

    In the case of Gibson v. The Queen (July 23, 2014 – 2014 TCC 236 ) the Tax Court of Canada held that the taxpayer, a retired psychologist. was entitled to a Disability Tax Credit because of her severe chronic fatigue syndrome. The Government argued that she did not qualify because her psychiatrist o … Read more »

  • What is an Asset Protection Trust?

    An Asset Protection Trust is a trust that holds a person’s assets for the purpose of shielding them from creditors. How does it work? Essentially you establish a trust by contributing money or other assets to the trust and then designate yourself as a beneficiary with access to the funds in the trus … Read more »

  • Asset Protection in a Nutshell

    When I tell people that I practise Asset Protection Law, they usually ask me “what is that”. So I thought I would write a simplified explanation of what asset protection is. Asset Protection is simply using legal strategies to protect your assets and wealth from creditors. If established correctly, … Read more »

  • Deadline for Vacant Home Tax Declaration Extended

    The City of Toronto has extended the deadline until the end of February for homeowners to file their Declaration of Occupancy Status. The deadline for filing had been February 2, 2023. All residential property owners in Toronto are required to declare the occupancy status of their property. If you d … Read more »